South African regulators are investigating possible insider trading at Discovery after shares fell sharply the day before a downbeat trading update in February, the insurer said on Wednesday.
Country probes possible insider trading at Discovery
Discovery shares fell 5.5 percent on Feb. 16, a day before South Africa's biggest health insurer said it expected a fall of as much as 55 percent in first-half profit.
Discovery immediately reported the unexpected share price move to the Johannesburg Stock Exchange (JSE) who in turn notified the Financial Services Board (FSB), chief financial officer Richard Farber said.
"We are co-operating fully with the FSB in their inquiry," he told Reuters.
The head of FSB's directorate of market abuse, Solly Keetse, said the regulator would disclose the details of the investigation when the report was complete.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Faulty aircraft prevents Shettima from representing Tinubu at US summit
84-yr-old Olubadan-designate vows to build on his predecessor's legacies
Tinubu, Shettima out of the country — who is in charge of Nigeria?
Why I rejected NUJ award Alia accepted - Agbese
Intrigue as Kano Senator donates 1 million clay pots, burial materials to constituents
Delta, Nigeria’s highest oil & gas producer laments epileptic power supply
Telegram powered crypto casino, TG.Casino, signs partnership with AC Milan
Measles kills 42 children in Adamawa, Govt extends resumption date to May 13
Here's why Nigeria's Remi Tinubu was picked as 9th most decent first lady in Africa
ADVERTISEMENT